1. This is a problem I asked on an exam about 30 years ago. Back then the phone system was highly regulated and the price of calls could be significantly different for in-state vs. out of state calls. A phone company offers the following package for in-state calls. First 50 minutes free The next 100 minutes at $0.25 per minute Any additional minutes are at the normal rate of $0.50 per minute. a. Draw the budget constraint for in-state calls and the composite good for a subscriber with an income of $400 per month. b. What is the opportunity cost of making an additional 20 minutes of calls if the subscriber currently makes 40 minutes of calls each month? c. What is the opportunity cost of making an additional 20 minutes of calls if the subscriber currently makes 140 minutes of calls each month?
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